theScore sees Q1 revenue fall despite 500% growth in gaming handle

Canadian digital media and betting company theScore has reported a 7% fall in year-on-year revenue for Q1 of its 2021 fiscal year, despite its media division posting record results.

Overall revenue for the three months ending 30 November was down to CA$8.5m (US$6.7), with operating loss rising from CA$6m the previous year, to CA$10.7m for Q1. Net loss also rose, up to CA$12.7m from the CA$4.1m loss recorded in Q1 2019.

EBITDA loss increased from CA$4.8m a year prior, to CA$9.3m, which the company said was down the additional expenses incurred from an expansion of gaming operations with its mobile sportsbook app launching in Colorado and Indiana during the quarter.

However, the company mentioned it generated a record CA$10.6m of media revenue, representing a 15% rise from last year, which it attributes to strong growth in direct advertising sales in the US and Canada.

Gross gaming revenue (GGR) for its theScore Bet sportsbook app was reported as (CA$0.3m), however this resulted in a negative net gaming revenue of CA$2m when taking into account promotional costs and fair value adjustments on unsettled bets.

Gaming handle for theScoreBet jumped significantly to CA$55.8m, a 535% rise from the same period a year earlier.

theScore founder and CEO John Levy said: “Our new fiscal year is off to a stellar start, including our best-ever quarter for media revenue, exponential handle growth on theScore Bet, and yet another record period for our esports operations.

“Based on the continued development of theScore and the growth of the sports betting industry across North America, in our view it is timely to consider a listing on a US stock exchange. We believe that access to the US capital markets would provide compelling benefits for theScore and our shareholders.”

Iqbal Johal

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